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July Jobs Shock Triggers Massive Wall Street Rally

U.S. stock markets surged to new record highs following an unexpected contraction in the July employment report. Nonfarm payrolls shockingly fell by 23,000 jobs, defying Wall Street expectations of an 80,000-job gain. Paradoxically, investors cheered the weak labor data.

The contraction significantly lowers the pressure on the Federal Reserve to aggressively hike interest rates later this year. The S&P 500 jumped 0.6% to a record close of 7,757.64, while the tech-heavy Nasdaq composite led the charge with a 1.3% gain. Meanwhile, the 10-year Treasury yield slid down to 4.64% as bond markets reacted to the shifting economic landscape.
  • S&P 500 performance: Advanced 3.6% for the week.
  • Nasdaq composite: Gained 5.2% over the same five-day stretch.
  • Unemployment rate: Edged slightly down to 4.1%.
Read the full analysis of the market reaction on CNBC.
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